France's GDF Suez launches $1.5 billion five-, 10-year notes offering

By Andrea Heisinger

New York, Oct. 2 - GDF Suez SA has launched a $1.5 billion offering of notes (A1/A/) due 2017 and 2022 on Tuesday, a market source said.

A $750 million tranche of five-year notes was launched at Treasuries plus 115 basis points. The spread is tighter than talk in the 150 bps area over Treasuries.

A $750 million tranche of 10-year notes has launched at 140 bps over Treasuries. This level is also tighter than guidance in the 175 bps area.

The deal is being done under Rule 144A and Regulation S.

Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc. and RBS Securities Inc. are the underwriters.

The multinational electric utility is based in Paris.

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